collective investment undertaking other than the closed-end type

(in PRR) (as defined in article 2(p) of the Prospectus Regulation235) unit trusts and investment companies:

1. (a) [deleted]235
2. (b) [deleted]23531
3. (c) they raise capital from a number of investors, with a view to investing it in accordance with a defined investment policy for the benefit of those investors;235
4. (d) their units are, at the holder’s request, repurchased or redeemed, directly or indirectly, out of their assets.235